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Technical articles

2017 Pensions Round-Up

11 December 2017

As years go 2017 hasn’t been the worst year for pensions even with three Finance Bills being published but there have been some significant and some less significant changes to comment on. I can’t comment on al ...

Tax planning - chargeable event gains on UK investment bonds

Charitable gifts and trusts »
Last month we looked at a case involving a charity, who was the beneficiary in remainder under a trust, taking the trustees to Court to obtain information about the trust. In fact, there have been many cases reported recently where charities have been involved in litigation, for which many have been roundly criticised.

Charitable trusts and wills »
Last month we looked at the subject of charitable legacies and the various ways a Will can be structured to ensure that not only the lower (36%) inheritance tax rate is achieved but that the testator's practical aims are achieved.

Chargeable event gains - Who is assessed and liable for tax? Part 2 »
In Part 1 of this series of 2 articles we explained that chargeable event gains made under life assurance policies (which includes capital redemption policies) owned by individuals or held on non-charitable trusts established by an individual, are potentially subject to income tax. In that article we examined the position where a life assurance policy is not held under trust.

Pensions savings statements »
It’s that time of year again when pension savings statements will be issued. They should be issued by 6 October following the end of the relevant tax year. So pension savings statements will shortly be issued for the 2016/17 tax year.

Mortgage Professional - August 2017 »
Many lenders wanted The Financial Policy Committee to relax the residential mortgage stress test introduced in 2014 and so when it announced a tighter test in July it surprised the market.

Mortgage Professional - August 2017 »
What is adverse in 2017?The mortgage industry has always prided itself on how it evolves quickly to meet the changing needs of the market, and 2017 is no different. As the lifestyles, living situations and working habits of the population shift, lenders are having to adapt, become increasingly flexible and cater to the demands of the growing number of borrowers rejected by high street banks.

Chargeable event gains - Who is assessed and liable for tax? »
Income tax can be charged on gains treated as arising from
certain life assurance policies, capital redemption policies and
annuities.
In this article and the next article we consider the
circumstances in which persons are assessed on those gains and so
may be liable for the payment of any income tax. The articles
will not cover annuities or company-owned policies (gains to UK
companies are taxed under the loan relationship rules) and the
expression 'life assurance policies' includes capital redemption
policies.

Disclosure of trust information »
As trusts become more popular as part of estate planning an
adviser is likely to come across clients who may be beneficiaries
or/and trustees of existing trusts. Extraordinarily it is not
uncommon to find that trustees are not totally familiar with the
trusts they administer, let alone understand fully their duties and
responsibilities. However, more often one comes across an
individual who is a beneficiary of a trust but has little
information about the trust.